The Food Corporation of India (FCI) has sold 5.07 lakh metric tonne (LMT) wheat in the the third e-auction to offload wheat under Open Market Sale Scheme (Domestic).

Stocks were offered from 620 depots spread over 23 regions of FCI across the country.

"Total quantity of 11.79 LMT was offered and 5.07 LMT of wheat has been auctioned," the Food Ministry said in a statement.

Against the all India weighted average reserve price of Rs 2138.12/quintal, stocks were sold for an all India weighted average selling price of Rs 2172.08/quintal, according to the ministry.

"Out of the total quantity sold, 1.39 LMT were sold from Haryana, Punjab and Madhya Pradesh, where the weighted average of reserve price were Rs 2135.35/quintal and weighted average selling price was Rs 2148.32/quintal," the ministry said.

"While in the rest of the country (States other than MP, PB and HR), the quantity sold was 3.68 LMT for which the weighted average of reserve price was 2139.16/quintal and weighted average selling price was Rs 2181.08/quintal," it added.

According to the ministry, the overall price trend suggest that the market has cooled down and is below Rs 2200/Quintal on an average.

"Thus, the offloading of wheat is showing the desired results of overall reduction in price of wheat," the ministry said.

To address the rising price of wheat and flour in the country, as per the recommendation made by the Group of Ministers, Food Corporation of India is releasing 30 LMT of wheat stock from the central pool stock to the market through various routes under the Open Market Sale Scheme (Domestic).

During first and second e–auction, a total quantity of 12.98 LMT wheat were sold, out of which over 8.96 LMT has already been lifted by the bidders.